See things in a new light with BlueHub SUN
How SUN Works
The SUN Process: 6 steps to help you save your home for good.
Homeowner Info Center
- The SUN Process starts when you call our team (855.604.HOME (toll-free)) or fill out a loan inquiry form to find out if you’re eligible.
- You need to have a stable form of income, like a job, Social Security, a pension, or disability payments.
- You need to still be in your home.
- You need to live in Connecticut, Delaware, Illinois, Massachusetts, Maryland, Michigan, New Jersey, Ohio, Pennsylvania, Rhode Island or Wisconsin.
- To work together, you’ll need enough income to support a new mortgage. So, before you apply, a BlueHub SUN Mortgage Loan Officer will run the numbers.
- We’ll also discuss with you which one of our products works best for your situation.
More details on our products can be found under Step 5: Negotiation
- A Mortgage Loan Officer will work with you to fill out an application over the phone. It’s free to apply.
- Our application is different. Our experts know that your credit score doesn’t tell the whole story.
- We want to know why you stopped making your mortgage payments. How did you end up in financial hardship? Have you had trouble paying your mortgage before? Has your situation changed for the better, and how well are you managing your finances today?
- During the underwriting process, we look at what happened, what income you have coming in and what you can afford.
- It’s how we assess the risk of lending you money, how much we can lend to you, and whether our support can help get you out of foreclosure.
- We offer two different loan products:
- Buy-Back product: Your existing lender is an important player in this process. If your home is underwater—meaning you owe more than the home’s value—the next step is for BlueHub SUN to negotiate to attempt to buy the property from your current lender and sell it back to you at a price—and with a new mortgage—you can afford. This is a complicated process where we will negotiate a lower price with your lender based on the current value of your home. If negotiations are successful, we will purchase your home, add a 25% loan loss reserve, acquisition fee, and initial capital reserve deposit and sell the property back to you. This should bring down the amount you owe—potentially saving you thousands of dollars. Watch the "Spotlight on SUN: Buy-Back" video to learn more.
- In this instance, you will also have a shared appreciation mortgage. Watch the "Spotlight on SUN: Sharing the value" video to learn more.
- Refinance product: It is possible to refinance out of foreclosure under certain circumstances. If you have enough equity in your property, you may be able to take advantage of our fixed-rate refinance product.
- Buy-Back product: Your existing lender is an important player in this process. If your home is underwater—meaning you owe more than the home’s value—the next step is for BlueHub SUN to negotiate to attempt to buy the property from your current lender and sell it back to you at a price—and with a new mortgage—you can afford. This is a complicated process where we will negotiate a lower price with your lender based on the current value of your home. If negotiations are successful, we will purchase your home, add a 25% loan loss reserve, acquisition fee, and initial capital reserve deposit and sell the property back to you. This should bring down the amount you owe—potentially saving you thousands of dollars. Watch the "Spotlight on SUN: Buy-Back" video to learn more.
- Whether you're doing a buy-back or refinancing your mortgage, once all parties agree and our underwriters give final approval, we will be ready for the closing.
- You will be responsible for all closing costs.
- It is your responsibility to make sure that you understand all the terms of your new loan and mortgages. To learn more, watch the series of videos below, or ask your Mortgage Loan Officer any questions you may have.
Spotlight on SUN
Watch these videos to learn more about BlueHub SUN and what makes our mortgage loans different.
In the light
Facing foreclosure can feel like being alone in the dark. But maybe there’s another way. Watch this video to see if BlueHub SUN is right for you.
Getting started
BlueHub SUN is not your regular mortgage program. Learn more about what makes SUN different.
New mortgage, new terms
Your new loan will be different in a few important ways. Meet our partners and learn about your new mortgage.
Sharing the value
If you are one of the vast majority of BlueHub SUN clients whose new mortgage is smaller than their prior mortgage, you are saving thousands of dollars over the life of the loan. But that money isn’t free. Learn more about the shared appreciation mortgage.
Preserving your investment
Your BlueHub SUN mortgage includes a special fund you set aside to cover surprise home expenses. Learn more about the Capital Reserve Account.
The buy-back
For many of our approved customers, the first step toward a new affordable mortgage is the buy-back. Learn more about how it works.
The way forward
We succeed when we lose you as a customer. Why? Because our mission is to help you take charge of your financial life and save your home for good. Learn more about refinancing.
Your Responsibilities
Facing foreclosure can feel like being alone in the dark. But if you qualify and you're willing to do what it takes, you may be able to work with BlueHub SUN to save your home.
As a participant in the SUN program, your cooperation is key in making this program work.
- During the application process, we will request lots of paperwork and documentation from you. To get your application processed, you need to provide all of that information as quickly as you can.
- Before the closing, it's your responsibility to understand the details of your mortgage loan. Watch the videos to learn more. And ask your Mortgage Loan Officer any questions you may have.
- You are responsible for all closing costs.
- Once you enter into the BlueHub SUN program, you are responsible for paying your mortgage on time and in full.
- Look into refinancing out of your BlueHub SUN loan as soon as possible so you can pay off your shared appreciation mortgage, if applicable, and access lower interest rates on the conventional mortgage market. Learn more about refinancing below.
Hear from a BlueHub SUN Homeowner
Meet Sellou Coly from Springfield, MA.
Sellou went through a divorce and had trouble paying her mortgage. She went into foreclosure in 2010 and lost title to her home; the bank owned her home and she was about to be evicted. SUN was able to negotiate a lower sale price with her bank, and SUN sold the home back to her with a shared appreciation mortgage that reflects the savings she got on her loan.
Because of her participation in the program, Sellou has been able to regain her financial footing and build $95,000 in home equity so far*. “I can advocate for SUN for everything because they kept me out of stress and kept my family together,” says Sellou.
*As of December 2022
Meet Our Affiliates
BlueHub SUN is what we call the various entities that make your second chance possible. Throughout the SUN Process, you will hear these different names:
- Aura Mortgage Advisors, a licensed mortgage lender, handles underwriting and issues mortgages to BlueHub SUN clients.
- NSP Residential buys and resells homes and negotiates with a homeowner’s existing mortgage lender on the purchase price. NSP also issues the shared appreciation mortgage.
- Dovenmuehle (DMI) is our mortgage servicer and handles billing, payments, and other services. Dovenmuehle runs the online portal where you can manage your mortgage account. They also mail out your monthly mortgage statement. BlueHub SUN staff work closely with Dovenmuehle to answer your questions. Even as you hear from Dovenmuehle, you are still working with the BlueHub SUN program.
BlueHub Capital is SUN’s parent nonprofit organization. It is a national community finance organization based in Boston with a decades-long history of building healthy communities where low-income people live and work.
Tips for Refinancing out of BlueHub SUN
You should look into refinancing out of your BlueHub SUN loan as soon as possible because, as you clean up your credit, you may be eligible for lower interest rates in the conventional mortgage market. SUN is just one step on your path to financial health.
There is a process you need to follow to refinance successfully. Good planning can save you time and frustration—not to mention thousands of dollars in fees and interest payments.
- Carefully manage your finances — pay all of your loans and bills on time.
- Call a credit counselor to figure out the most effective ways to raise your credit score. We highly suggest using a credit counselor that is approved by the Department of Justice.
- If you have a shared appreciation mortgage, you will need to pay it off when you refinance out of your SUN loan. The amount of the shared appreciation mortgage depends on the percentage of appreciation you need to share and how much the value of your property has grown since you joined BlueHub SUN. While you're getting ready to refinance, you should know how much your shared appreciation mortgage is and how you intend to pay it. Potential options for paying it off include rolling it into a new loan or paying it off with cash. Watch the "Spotlight on SUN: Sharing the value" video for more about the shared appreciation mortgage. Contact BlueHub SUN if you want to know the value of your shared appreciation mortgage at 855.604.HOME or info@sunhomehelp.org.
- After you’ve made a year of on-time payments, try contacting a small local bank that may be able to issue proprietary loans. Or contact a big mortgage brokerage since they sell their loans to different types of investors and offer more flexibility.
- It may take two or more years to be eligible for refinancing but the sooner you accomplish the steps above, the better position you will be in for a brighter financial future.
Watch the "Spotlight on SUN: The way forward" video above to learn more about refinancing.
Questions about your mortgage?
Call us TOLL-FREE AT 855.604.HOME or email us at info@sunhomehelp.org.